Question

From the following particulars compute the total Income and tax liability of Mr. Suresh for the Assessment Year 2018-19.Income from house property (-) 16,000, Short term Capital Loss on sale of shares 1,90,000, Long term Capital Gain on sale of Building Rs. 3,30,000, Income from other Sources (Interest on Government Securities) Rs. 30,000.The Assessee has unabsorbed depreciation of Rs. 80,000 being brought forward from A. Y. 2017-18. Assessee has closed the business and all the assets have been disposed off.

Answer 1

Q..1 If the domestic factor income is Rs 50,000 crores and the national income is Rs 45,000 crores, how much will be the net factor income from abroad?

Q..2 Mention the three methods of measuring national income.

Q..3 Calculate the disposable income, if personal income is Rs 30,000 and the rate of income tax is 10%.